TARP Reform and Accountability Act of 2009

Floor Speech

TARP REFORM AND ACCOUNTABILITY ACT OF 2009 -- (House of Representatives - January 21, 2009)

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I thank the gentleman. Hearing what I have just heard, I would like to thank the chairman of the full committee. It is clear that we will for months, years to come, be looking at the failures of TARP; the failures to properly consider the allocation of these funds before they were delivered and to lock down appropriately the ways in which it could be spent. Notwithstanding failures in our hurried legislation, it is also very clear that the effectiveness, or lack thereof; the honesty, or lack thereof, of the expenditure of these funds, is critical if we are going to regain confidence by the American people that in a future emergency situation we will be able to quickly allocate resources to a problem and then have those resources used properly.

So I thank the gentleman for offering this amendment. I thank the chairman for his willingness to accept this amendment that will allow the IG to report to the committees of jurisdiction so that we can in fact look for the waste, fraud, and abuse in this legislation and its carrying out. Thank you.

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